Apple India has leased 12,616 sq ft of retail space at Oberoi Sky City Mall in Mumbai’s suburbs as it prepares to launch its second store in Maharashtra
Apple India has leased 12,616 sq ft retail space in Mumbai’s Borivali suburb for ₹17.35 lakh monthly rent as it prepares to launch its second store in Maharashtra and fourth in the country, according to documents accessed by real estate data analytics firm Propstack.
This will be the California-based tech giant’s second store in Maharashtra. Apple currently operates two retail outlets in India, one in Mumbai’s BKC and another in Delhi’s Saket. The company has also set its sights on Bengaluru for its third retail location in the country.
The lease commenced on May 8, 2025, and covers a ground-floor unit of Oberoi Sky City Mall with a carpet area of 12,616 sq ft, along with an additional 150 sq m of storage space and five designated car parking slots, the documents showed.
Apple will pay an annual rental of about ₹2.08 crore, and the landlord is Incline Realty Pvt Ltd. The agreement includes a revenue-sharing clause where Apple will pay 2% of its revenue from the store for the first 42 months and 2.5% from the 43rd month onwards.
The lease is for a total period of 130 months (nearly 11 years), with a rent escalation of 15% every three years. Apple has also paid a security deposit of ₹1.04 crore as part of the deal. The lease has a lock-in period of 10 years and 10 months, effective from the commencement date, the document showed.